Reports said that Morgan Stanley, one of the largest banks in the United States, has set up a new crypto-focused research division.
It has been reported that the Wall Street megabank has appointed Sheena Shah as lead cryptocurrency analyst for its dedicated cryptocurrency research team. Shah worked as Morgan Stanley’s lead currency strategist covering G10 currencies for more than eight years and contributed to the bank’s crypto-related research efforts.
However, in the new role, Shah will reportedly focus on analyzing the impact of cryptocurrencies on equities and fixed-income investments such as treasury and corporate bonds. Morgan Stanley’s executives stressed that the launch of a dedicated crypto research team “is in recognition of the growing significance of cryptocurrencies and other digital assets in global markets.”
The report said that Morgan Stanley has been pushing into digital assets over the past year, steadily growing its direct exposure to Bitcoin (BTC) through several investment funds by Grayscale Investments. In March, Morgan Stanley reportedly introduced a Bitcoin investment tool for millionaire clients.
Likewise, the news comes as the traditional finance industry continues diving into crypto amid the parabolic growth of the cryptocurrency market. The total market value of all cryptocurrencies has added more than $1 trillion dollars over the past year, jumping from around $350 billion one year ago to $2.1 trillion, as of September 15.
Major US banks have been rushing to establish crypto-related units recently, with Bank of America setting up a crypto research division in July. State Street, the second-oldest continuously operating US bank, previously announced the launch of a dedicated digital finance division.
Thus, Wall Street megabanks JPMorgan and Goldman Sachs Group also rolled out crypto trading services this year.